SBI Customers Alert! State Bank warns cardholders of skimming fraud; Here’s how to deal with it

SBI Customers Alert! State Bank warns cardholders of skimming fraud; Here’s how to deal with it

With increasing instances of banking frauds, the State Bank of India (SBI), India’s largest scheduled commercial bank, has warned its customers to stay alert to prevent the occurrence of any such instances.

In a mail to its customers, SBI has warned the cardholders of skimming fraud, which is an act of illegally coping data from the magnetic stripe of a credit, debit or ATM card that usually happens at restaurants, bars, gas stations, retail counters etc. where the card is physical present.

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To stay fraud-free forever, the bank has told its customers –

♦ Do not hand over your SBI Card to anyone, including company representatives
♦ Cover your keypad while entering your PIN
♦ Always ensure that your card is used/ swiped in your presence
♦ Remember to collect your card after the transaction
♦ Do not disclose your PIN to anyone, including the persons claiming to be SBI Card representative
♦ Insist on dipping the card in the POS machine than swiping the card

The leading PSU bank has also asked its customers not to reveal anyone –

If a fraud occurs without any negligence on the part of either customer or SBI, the customer will not be liable to bear the loss if he/she reports the matter to the bank within 3 working days.

A customer shall be entitled to full compensation of real loss in the event of contributory fraud/negligence/ deficiency on the part of SBI Card (irrespective of whether or not the transaction is reported by the customer).

However, a customer will be held liable in cases where the loss is due to negligence by a customer, such as where customer has shared the payment credentials like credit card details, PIN, CVV, OTP or due to improper protection on customer devices like mobile/ laptop/ desktop leading to malware/ Trojan or Phishing/ Vishing attack.